Wednesday 18 July 2018

Interfax sold to US tech firm in €30m deal

Upland CEO Jack McDonald
Upland CEO Jack McDonald
Gavin McLoughlin

Gavin McLoughlin

Software business Interfax Communications has been acquired for $37m (€30m).

The buyer is Nasdaq-listed Upland Software, which said it expected the deal to add around $6m to adjusted ebitda on an annual basis.

The deal will see Upland acquire Interfax operations in Ireland and Israel.

Upland chief executive Jack McDonald said the deal would build on previous product investments and strengthen Upland's European presence "to drive international expansion".

It's the firm's first European acquisition. Blanchardstown-based Interfax was advised on the sale by Lavelle solicitors. Interfax's software allows users to send faxes over the internet. Its website lists Microsoft, Vodafone and Citi among its clients.

The deal was announced to the market last month, weeks after Upland reported a full-year net loss of $18.7m.

"Our pipeline of acquisitions remains robust, and we have the operating and financial resources to execute on significant revenue growth and margin expansion towards our long-term ... adjusted ebitda target," McDonald said.

Sunday Indo Business

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